Text Analytics Market Estimated to Exceed US$ 16.9 Billion Globally By 2027

According to IMARC Group latest report titled "Text Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", offers a comprehensive analysis of the industry, which comprises insights on text analytics market. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global text analytics market size reached US$ 6.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 16.9 Billion by 2027, exhibiting a growth rate (CAGR) of 17.96% during 2022-2027.

Text analytics represents the automated process of translating large volumes of unstructured text, such as online reviews, tweets, emails, call center agent notes, and survey results, into quantitative data to obtain insights about trends. It relies on natural language processing (NLP) and mining algorithms to find meaning from written communication. Text analytics can be combined with data visualization tools to enable companies to understand numbers and make correct decisions. As a result, this process finds widespread applications in competitive intelligence, customer relationship management, fraud detection, brand reputation, etc.

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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Market Trends:

The escalating amounts of unstructured data generated by enterprises are primarily driving the text analytics market. Besides this, the elevating requirement for this technique to analyze information from emails, live chats, surveys and social media posts, identify patterns, detect product issues, improve customer satisfaction, monitor brand reputation, etc., is further augmenting the market growth. Moreover, the increasing demand for text analytics in small and medium-sized enterprises (SMEs) to gain results in real-time, make confident decisions, and resolve customer issues quickly is also catalyzing the global market. Apart from this, the growing popularity of this system in various sectors, including media, retail, healthcare, information technology (IT) and telecommunication, travel and tourism, military and defense, BFSI, etc., is acting as another significant growth-inducing factor. Furthermore, the rising need for this technique for identifying insights by aggregating results and incorporating business intelligence (BI) tools for easy-to-understand reports is expected to bolster the text analytics market in the coming years.

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Competitive Landscape with Key players:

The report has also analysed the competitive landscape of the market with some of the key players being.
• Clarabridge
• Infegy
• International Business Machines Corporation
• Lexalytics Inc.
• Luminoso Technologies Inc.
• Microsoft Corporation
• Open Text Corporation
• Oracle Corporation
• SAP SE
• SAS Institute Inc.
• Tableau Software LLC
• The Hewlett Packard Enterprise Company
• TIBCO Software Inc

Text Analytics Market Segmentation:

Our report has categorized the market based on region, deployment model, organization size, application and end use industry.

Breakup by Deployment Model:
• On-premises
• Cloud-based

Breakup by Organization Size:
• Large Enterprises
• Small and Medium Enterprises (SMEs)

Breakup by Application:
• Competitive Intelligence
• Customer Relationship Management
• Predictive Analytics
• Fraud Detection
• Brand Reputation
• Others

Breakup by End User:
• Fast Moving Consumer Goods (FMCG)
• Banking Financial Services and Insurance (BFSI)
• Healthcare and Pharmaceuticals
• Telecommunication
• Government
• Retail
• Others

Breakup by Region:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the report:
• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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This release was published on openPR.